Former GMAC servicer Ally cleans up foreclosure process, citing defects

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How to Find and Buy a Foreclosed Home  · They used a legal strategy in dismissing their case before, because it gave them time to try and clean up their messy documents, which usually just mean they forge some fake documents to try and perpetrate a fraud upon the court, so the court can side with them in approving their fraudulent foreclosure attempt.

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 · The loan generally does not have to be repaid until the last borrower no longer occupies the home as their primary residence. 1 At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to.Former GMAC servicer Ally cleans up foreclosure process, citing defects The statement on the GMAC site says:.

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The loan generally does not have to be repaid until the last borrower no longer occupies the home as their primary residence. 1 At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to.Former GMAC servicer Ally cleans up foreclosure process, citing defects The statement on the GMAC site says:.

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 · Over the past two years, the nation’s largest banks and the Obama administration have repeatedly vowed to clean up the foreclosure fraud mess. In February, banks agreed to pay $25 billion and overhaul their foreclosure processes as part of a 50-state investigation into bank wrongdoing, resulting from practices that included robo-signing.

GMAC/Ally was the first servicer to suspend foreclosures due to suspected defects in the foreclosure process. Originally it suspended foreclosures in 23 judicial foreclosure states. JP Morgan Chase later followed its lead, also suspending foreclosures in 23 states. Bank of America did them both one better and suspended foreclosures nationwide.

Senate Majority Leader Harry Reid (D-Nev.) called on major lenders to halt. and state attorneys general who have called for greater scrutiny of the foreclosure process and a nationwide moratorium..

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